بررسی رابطه بین نوسانات قیمت ارز دیجیتال با شاخص سهام، نقدشوندگی سهام و حجم معاملات سهام
محورهای موضوعی : سرمایه‌گذاری
محمد رضا رجایی
1
,
مریم امامی میبدی
2
1 - گروه حسابداری، واحد شاهین‌شهر، دانشگاه آزاد اسلامی، شاهین‌شهر، ایران.
2 - گروه حسابداری، واحد شاهین‌شهر، دانشگاه آزاد اسلامی، شاهین‌شهر، ایران.
کلید واژه: حجم معاملات سهام, شاخص سهام, نقدشوندگی سهام, نوسانات قیمت ارز دیجیتال,
چکیده مقاله :
هدف: این پژوهش بررسی رابطه بین نوسانات قیمت ارز دیجیتال با شاخص سهام، نقدشوندگی سهام و حجم معاملات سهام در بورس اوراق بهادار تهران است.
روش‌شناسی پژوهش: نمونه آماری این پژوهش متشکل از ۱۰۵ شرکت از بین شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران در طی سال‌های ۱۳۹۳ لغایت ۱۴۰۱ است. برای تجزیه‌وتحلیل دادهها و آزمون فرضیهها از مدل‌های رگرسیون چندمتغیره به روش دادههای ترکیبی استفاده شد.
یافته‌ها: نتایج حاصل از پژوهش نشان داد که بین نوسانات قیمت ارز دیجیتال، نقدشوندگی سهام، حجم معاملات سهام و شاخص قیمت سهام شرکتها در بورس اوراق بهادار رابطه مثبت و معناداری وجود دارد؛ بنابراین، ازآنجایی‌که نوسانات نرخ ارز دیجیتال باعث افزایش نقدشوندگی سهام، حجم معاملات سهام و شاخص قیمت سهام میگردد، لزوم درنظرگرفتن تغییرات افزایشی نقدشوندگی سهام، حجم معاملات سهام و شاخص قیمت سهام در شرایط افزایش نوسانات نرخ ارز دیجیتال توسط بنگاهها باهدف افزایش سود و یا افزایش سرمایه و همچنین افراد به‌منظور مدیریت سبد دارایی ضروری است.
اصالت / ارزش‌افزوده علمی: پژوهشهای صورت‌گرفته در رابطة ارزهای دیجیتال در ایران بیشتر در مورد تئوری و ترجمه ادبیات نظری پیرامون ارزهای دیجیتال بوده و توجه اندکی به رابطه و تأثیر نوسانات نرخ ارز بر شاخص، قیمت، نقدشوندگی و حجم معاملات سهام در بورس اختصاص‌داده‌شده است.
Purpose: This study aims to investigate the relationship between cryptocurrency price volatility and the stock index, stock liquidity, and trading volume in the Tehran Stock Exchange (TSE).
Research Methodology: The statistical sample consists of 105 companies listed on the Tehran Stock Exchange during the period from 2014 to 2022 (1393–1401 SH). To analyze the data and test the hypotheses, multivariate regression models were employed using panel data methodology.
Findings: The results reveal a significant positive relationship between cryptocurrency price volatility and stock liquidity, trading volume, and stock price index of the companies listed on the TSE. Consequently, since cryptocurrency volatility leads to an increase in stock liquidity, trading volume, and the stock price index, it is essential for firms aiming to boost profitability or capital, as well as for individual investors seeking effective asset portfolio management, to account for these upward changes in market dynamics during periods of heightened crypto volatility.
Originality / Value: Most existing studies on cryptocurrencies in Iran have primarily focused on theoretical aspects or the translation of global literature. Little attention has been given to the empirical relationship between cryptocurrency volatility and key market indicators such as index performance, pricing, liquidity, and trading activity in the stock market. This research addresses this gap by providing empirical evidence on the influence of cryptocurrency dynamics on the Iranian capital market.
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